Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ryman Healthcare lifts annual profit 43%

Ryman Healthcare lifts annual profit 43% as it benefits from new villages, property gains

By Tina Morrison

May 15 (BusinessDesk) – Ryman Healthcare, New Zealand’s largest listed retirement village operator, lifted profit 43 percent as it gained more revenue from a larger base of villages and the value of property increased.

Net income rose to $194.8 million, or 39 cents a share, in the 12 months ended March 13, from $136.7 million, or 27.3 cents, a year earlier, Christchurch-based Ryman said in a statement. Revenue from ordinary activities rose 12 percent to $203.2 million while the value of properties increased by $85.1 million.

Ryman acquired six new sites in New Zealand during the year, extending its land bank earmarked for development to 4,208 beds and units from 2,438 a year earlier. Retirement villages are benefiting from an increase in average life spans which is stoking demand from the elderly, with the number of New Zealanders aged over 65 forecast to increase by 20,000 per annum.

Ryman increased its annual building target to 850 beds and units a year in New Zealand by 2017, from a rate of 700 a year.

Ryman has now expanded to Australia, with the first residents moving into its Melbourne village this month and the company has now bought another site in the eastern suburbs of Melbourne, it said today.

“We’re still learning about Australia but our experience so far has exceeded our expectations and given us the confidence to expand,” Chairman David Kerr said.

In the past year, the number of sales of occupation right agreements slipped to 977 from 985 although fee revenue rose to $368.2 million from $345.6 million.

The company’s total retirement village units and residential beds rose 8.6 percent to 6,724 as retirement village units increased 11 percent to 4,207 and residential care beds rose 4.9 percent to 2,517.

Ryman will pay a final dividend of 6.2 cents a share on June 20.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news